Differentiate between insurable risks and non-insurable risks. – InterviewSolution

InterviewSolution

1.

Differentiate between insurable risks and non-insurable risks.

Answer»

Differences between insurable risks and non-insurable risks is summarised below:

Basis	Insurable risks	Non-insurable risks
Meaning	Those risks which can be covered up by some type of insurance policy are called insurable risk.	Those risks which cannot be covered up by some type of insurance policy are called non-insurable risk.
Business Risks	Business risks are not insurable risks.	Business risks are non insurable risks.
Example	Risk of damage due to fire, accident theft etc.	Risk of damage due to change in technology or change in government policy etc.

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